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: elizabeth macdonald, it is all yours. >> the latest on the fiscal cliff crisis. why it is taking down the markets and white finding an answer, it always seems to come down to the last minute. the storm hitting the midwest and it is now hitting the northeast. oh canada, out of work americans are heading north to find jobs. top of the hour. time now for stocks. nicole petallides on the floor of the new york stock exchange. nicole: we are down about 72 points. the vix, the fear index, has an up arrow today. commodities are pulling back a little bit. i want to take a look at a name that is on the move. it is deckers. you may not necessarily know that you know what it is all about. you know uggs. it turns out they are quite popular. while that chatter has been around, they will give decker a pop. >> could merge with timberland. we will be back at you in 15 minutes. for the first time in nearly 40 years, between christmas and new year's, it comes as lawmakers continue to scramble to get a fiscal cliff deal done. rich edson has the latest. rich: they are considering legislation here in the s
the fiscal cliff brought stocks down today. the dow dropped 24 points. >>> the fiscal cliff is weighing on the minds of consumers. coming up in 16 minutes, why political insiders believe washington will allow the country to go over the cliff before making a deal. >>> san francisco police are asking the public to take a closer look at three shoplifting suspects. investigators say on december 20. three women went into two stores near san francisco. the women put goods in their own bags and walked out of the stores, and apparently handed off the goods. >> we believe these women may have been involved in other burglary thefts of retail stores throughout the bay area. >> police arrested sharony powers on suspicion of shoplifting. >>> alameda police are investigating a stabbing during a christmas party that injured four people. investigators say during an argument, 42-year-old tiffany thomas stabbed her sister in the chest. three other family members tried to help, and were stabbed as well, including a teenage girl. all are expected to recover. thomas was arrested on suspicion with assault wi
fiscal cliff is having a huge effect on the stock market today. you can see the dow is down 135 points over 1%, consumer confidence very low because of concerns that fiscal cliff will cause taxes to rise for everyone if congress tpaeults to work to the. >>> former president george higgs boson bush remains in intensive care he is -- george h.w. bush remains in intensive. doctors suspected he would be home in time for christmas but his condition worsened, he is alert and talking to hospital staff. >>> there is a bright spot for the economy, new homes selling at fastest past in more than 2 1/2 years. strongest showing since april 2010. when home buyer tax credit boosted sales but still below the 700,000 level that economists consider healthy. experts say it is proof the housing market is recovering. real estate website zillow expects 2013 to be a seller's market special the bay area, las vegas and phoenix best places to buy, cleveland, chicago and philadelphia. >>> mike is ahead with our forecast. >>> tricky forecast coming up. system coming didn't at us is going to develop near us rainfa
will replace the late senator daniel inouye. >>> that looming fiscal cliff is having a huge effect on the stock market today. you can see the dow is down 135 points over 1%, consumer confidence very low because of concerns that fiscal cliff will cause taxes to rise for everyone if congress tpaeults to work to the. >>> former president george higgs boson bush remains in intensive care he is -- george h.w. bush remains in intensive. doctors suspected he would be home in time for christmas but his condition worsened, he is alert and talking to hospital staff. >>> there is a bright spot for the economy, new homes selling at fastest past in more than 2 1/2 years. strongest showing since april 2010. when home buyer tax credit boosted sales but still below the 700,000 level that economists consider healthy. experts say it is proof the housing market is recovering. real estate website zillow expects 2013 to be a seller's market special the bay area, las vegas and phoenix best places to buy, cleveland, chicago and philadelphia. >>> mike is ahead with our forecast. >>> tricky forecast coming up. system c
off the fiscal cliff next week. we bring you up to speed on the gridlock down in dc. >> reporter: it may already be to late. five-days before the fiscal cliff and with the house out of town until sunday, the senate majority lead admitted a deal seems unlikely. >> i have to be honest. i don't know time wise how it can happen now. >> reporter: and an attack he point blame on the house speaker for letting members stay home with no deal in sight. > we are here in washington working while the members of the house of representatives are out watching movies, watching the kids play soccer and basketball. he seems to care more about keeping his speaker ship than keeping the nation on firm financial footing. >> reporter: the speaker's office responded, the senator should talk less and legislate more. the house has already passed legislation to avoid the entire fiscal cliff. democrats have not. the president returned to washington today for a last minute push before leaving vacation in hawaii he had separate phone talks with congressional leaders but it's not clear that those talks help
still down below 13,000. we're concerned about absolutely going over the fiscal cliff on monday. the nasdaq down 28 points. cisco systems is down nearly 2% as is bank of america down nearly 2%. look at that. reapproaching $12. that was one of the biggest winners of 2012 thus far. tyler? >> you know, michelle, airline stocks are up 20% so far this year climbing to a 1 1/2 year high. but will the skies be smooth for the industry. phil lebeau with a look at the airline sector 2013. >> reporter: in 2013 the merger dance between u.s. airways and american airlines will finally play out with a decision by the amr board and the creditors' committee early in the year. if the two airlines merng, they would challenge united for the title of largest airline in the u.s., but a merger may also signal a top for the airline stocks that have been steadily rising in 2012 in part due to speculation of consolidation in the industry. >> next year expect to pay a little bit more when you fly as airfares are projected to move slightly higher, but the biggest increase is the fees we'll be paying for ev
is breaking loose. and just like the titanic going down, this fiscal cliff tragedy was avoidable. last year the president said several times that we don't need any tax rate increases, even, going so far in his 2011 budget to recommend lowering all tax rates in get rid of deductions. now he is willing to send us into thent dids of recession because he won't give up on tax rate increases. many would fault the republicans. no matter who is to blame, it is the stubbornness of politicians trying to get ahead by risking our jobs and our lives is what is wrong with the way this country is run. it has got to stop. but it appears it won't stop until they have sent us over the cliff and into the deep. for more, we turn to a man who has been warning us all about the folly of this for some time, former presidential candidate and chairman of forbes media, steve forbes. steve, by the way any doubt if we do over a cliff, we'll go into recession? >> i think the economy is going to be in a slowdown any way. already business decisions have been put off, david because of uncertainty surrounding this, not to m
focused more on repairs than on gifts. also dragging down sales was uncertainty about the so-called fiscal cliff, tax hikes and spending cuts set to take effect next year. if lawmakers don't reach a deal to avoid it, consumers could see higher taxes eating into their paychecks. even online sales suffered. compared to past years of double-digit growth, this year, online holiday sales rose only about 8%, compared to nearly 16% last year. overall, holiday spending accounts for up to 30% of retailers' annual sales, so the disappointing season is a concern for an economy struggling to recover. >> consumers need to have more confidence. consumers need to feel that their jobs are secure. it's not an ideal situation. it's more of a conservative, cautious time. and companies are managing carefully, consumers are spending carefully. >> reporter: retailers are now hoping to lure consumers with deep discounts of 75% to 80% off in some cases as they try to salvage profits from this lackluster holiday shopping season. jim. >> axelrod: so, elaine, this is the first set of holiday shopping numbers that we
on the fiscal cliff. if we go off the cliff and stay off of the cliff when we plummet down, in the next six to nine months. if they say they are going off of the cliff now but going to fix it early next year may be markets give washington a month or two to get their house in order. if that happens we will tread water for a while but not going to see a real problem. i don't think there's a cliff on january 1st that we cannot change withholdings, keep government spending going at the rate it is going so even though they don't fix it which is the way it looks right now doesn't mean we are going to tank right away in january provided markets believe eventually washington will get it done. lori: if you look of the message a number markets today, pete sell-off, stocks piling into treasuries, gold is up and oil is backing off, you have to wonder what is around the corner. can you be bullish at all at this point? >> you can be very bullish if you look at the labour market data today, provided they get this thing fixed. [talking over each other] lori: senator harry reid is saying i think we are head
"fiscal cliff" pushed stocks down for a third consecutive day. the dow lost 24 points thursday. the nasdaq fell 22. asian stocks are higher this morning after china's industrial companies showed profits. tokyo's nikkei gained 1% to finish at a 21-month high. hong kong's hang seng rose half a percent. >>> president obama returns to washington for one final effort to avert the so-called "fiscal cliff." with just five days left until the deadline and no sign of a compromise, congressional leaders are urging the senate to consider a bill that's already passed in the house that would extend existing tax cuts. >>> the us treasury department says it will start taking steps to postpone the government from hitting the $16.4 trillion debt limit the money the government can spend to finance its operations. >>> toyota will pay the biggest sum of money ever recorded for a car defect. the proposed $1 billion settlement will resolve a class action lawsuit for hundreds of toyota owners who claim unintended acceleration problems caused numerous crashes, injuries and even some deaths. >>> and chicago wins t
for december came in. that's also being dragged down about the fiscal cliff. you're seeing consumers pull back on spending and pulling back on how they feel about the economy. they are worried about whether there are going to be r more jobs in the new year. >> they are saying 9.1% unemployment is in the forecast by the end of next year if we don't reach a deal. alison kosik in new york, thank you as always. when you have diabetes... your doctor will say get smart about your weight. i tried weight loss plans... but their shakes aren't always made for people with diabetes. that's why there's glucerna hunger smart shakes. they have carb steady, with carbs that digest slowly to help minimize blood sugar spikes. and they have six grams of sugars. with fifteen grams of protein to help manage hunger... look who's getting smart about her weight. [ male announcer ] glucerna hunger smart. a smart way to help manage hunger and diabetes. >>> welcome back. teachers in utah are going to class today. starting at noon today, 200 teachers will be at a conference near salt lake city learning, get this, how to u
of this fiscal cliff craziness? >> we've seen slow down in capital spending. we've seen a slowdown in hiring. we've already seen to certain extent some of the effects of the cliff. i don't think we'll go into recession, adam. i think we'll experience continued period of subpar economic growth. but a lot of indicators i'm looking at tell me continued, moderate growth, not a recession in the next six to 12 months. adam: steve hays, if we're not going into recession as jeffrey predicts why not go of the cliff? why not have the immediate austerity? tax increases are detrimental but wouldn't bring about recession according to jeffrey? >> i think there is certainly a difference of opinion among economists on that. the cbo projected that we would in fact go into recession. others said the same thing. in fact the president of the united states in an exchange he had with paul ryan back in 2010 said the last thing you want to do when the economy is struggling to sort of gain ground is to raise taxes and he said to cut spending. i don't agree with him necessarily on the spending although i would have done
be impacted from maine down to texas. >>> the senate is back hoping to find a compromise to avoid the fiscal cliff. the house is still on a break leaving some to wonder if there is time to strike a deal or if the economy is doomed to go over the edge when the clock hits midnight. >> reporter: hundreds of waterford crystals in installed on the ball in new york's time square. the countdown to the new year is underway. in washington there is a much more ominous count down underway. five days and counting until the united states economy goes over the fiscal cliff if something isn't done. >> american people are waiting for the ball to drop but it's not going to be a good drop. >> reporter: with no deal taxes will go up and spending will be slashed. some warn the impact could spark another recession. with the deadline approaching the president returned to the white house and the united states senate is back in session. the house will reconvene by sunday evening. >> there is still time and it depends on how complicated the fiction it. >> reporter: the sticking point continues to be taxes. democra
sending its own boiled down fiscal cliff bill to the hill? what's going on with that? you've got harry reid's incendiary comments on the floor today. >> it feels like we're at the beginning of the beginning of the end. >> right. i'll be back tomorrow to talk about it. >> jonathan capehart, thanks so much. that does it for this edition of "andrea mitchell reports." craig melvin has a look at what's next. the pride of south carolina. craig, how are you doing, snir. >> good to see you as always. five days to go until the fiscal cliff deadline. john boehner holding a press conference. what might they be talking about? president obama returned to washington today after speaking with all four congressional leaders yesterday. we'll have a live update from the white house and from capitol hill. plus, congresswoman bass and congressman pascrell join me live and the decision to sign a controversial bill that bans americans from adopting russian children. details on that straight ahead on "news nation." because your daughter really wants that pink castle thing. and you really don't want to pay mo
and leave it there. you can see it in this graph, that line going down. that is the fiscal cliff, we went over our deficit problems, gone baby, totally, totally gone. one thing the fear of the fiscal cliff shows by the way, in the fox hole, everyone's a kinsian. everyone agrees. that is number one. too much austerity way too quickly. president obama is not asking for that much in taxes. it's worth getting a bit of perspective in here. you'll be shocked to know, we got a graph for that. here's what happens if we go over the cliff. you get more than $5 trillion in tax increases off the bat. and now here's what happens if we pass the sainted simpson bowles plan. you've heard of the plan. they have 2.6 trillion in tax increases. president obama's latest offer to john boehner has 1.2 trillion in taxes. that is half as much, less than half than simpson bowles, and less than a quarter of what is in -- simply going over the fiscal cliff. i think the tax increases are too little. they are what they are. and it's something to remember as we reach the edge and you hear a lot of complaints about the
. it's an important question. let's say president obama says we're going off the fiscal cliff. we go off the cliff. tax cuts expire, sequestration, they kick it down the road. if president obama then says i'm going to put in tax cuts for anyone making under $250,000 a year. i'm going to call them obama tax cuts. will runs say no to voting for a tax cut? >> well, the interesting question is of course what this comes with. we're at the beginning of a conversation not at the end of a conversation. because we have to decide what to do withhe bush tax cuts. that's one thing. we have to dide to do -- what to do with a trillion dollar of obamacare tax increases. very few people are talking about this but there's a trillion dollars of tax increases obamand ad demonstration passed before the last eltion and 90% of those hikesere delayed until after the president got himself reelected. then we have massive spending, $8 trillion in debt that obama's running up the next decade. republicans have several tools. right now we have very well leverage in the debate over the fiscal cliff because that s
august. people worried about the fiscal cliff, a low confidence number. weaker jobless claims down 350,000. the stock market is down this morning, down because senator harry reid essentially said looks like we are going over the fiscal cliff, he said that moments ago on the senate floor and blamed republicans. very much a political fight going on. the dow is down. some companies giving employees money taking care of their own health care. that is obamacare after the break. [ cows moo ] [ sizzling ] more rain... [ thunder rumbles ] ♪ [ male announcer ] when the world moves... futures move first. learn futures from experienced pros with dedicated chats and daily live webinars. and trade with papermoney to test-drive the market. ♪ all on thinkorswim. from td ameritrade. stuart: toyota paying a billion dollars to customers and $200 million to lawyers to settle lawsuits over what was called the unintended acceleration problem but despite all the pay out the stock is up. nicole: this is all about those floor mats and sticky gasoline petals, and gas pedals. this is toyota taking out one e
a blank check over to democrats because we're on the edge of a fiscal cliff. and harry reid coming down and essentially tearing apart mitch mcconnell saying speaker boehner couldn't pass plan bmpld, you guys haven't done anything. show us where your cards are. what's interesting though is, karen, is what we know about who the house republicans are going to do. they're going to come back at 6:30 p.m. on sunday. eric cantor told them to be prepared to be in session through january 2nd. so remember yesterday we talked about optics, how bad it was for them to look like they weren't going to be in washington, d.c. they no longer have that problem. john boehner, one member who is on that conference call earlier today, told me, he said we're going to see what the senate has to do and what they will give us. he also made clear that he would not be comfortable putting a bill on the floor that would need all democratic votes to pass and only a handful of republicans. meaning as of right now, john boehner is sticking by the hastert rule. that's very significant because he feels that maybe they get
it down. >> well, tomorrow i'm going to be focused on the vices. the fiscal cliff is weighing heavily and we saw that during the release of the consumer sentiment reading last week. that's why we saw the vices pop above 20 today. for a little white. so, in the resecent past, these have been great buying opportunities. i don't see a decision being made for the his calf cliff, i do see a deal made in 30 to 60 days, proving to be a better bullish indicator for
morning. >> good morning, duarte. yes. hopes for legislation to avoid the fiscal cliff now turns to the senate, but white house and republicans remain far apart. senators and staffers will be filling these empty hallways today trying to work out a deal to avoid the fiscal cliff. higher taxes will give the average american about $1,500 less to spend next year, and economists believe the $110 billion spending cuts will result in more layoffs. senator harry reid has a plan to keep taxes low for everyone making less than $250,000 a year as well as short-term spending cuts until a bigger deal can be reached. >> it is going to be a patch because in four days we can't solve everything. >> while senators try to brave the bad weather in many parts of the country in order to make it back here to washington, house leaders say they will not leave home unless the senate passes its bill first. house republicans scuttled a proposal from speaker john boehner last week, and 48% of americans say they are to blame if no deal is reached. >> both sides here have a problem with the american people, an
as the nation nears closer to the fiscal cliff. about 20 minutes ago air force one touched down. the president returned to washington hoping to work out a deal. >>> thousands of holiday travelers are stranded at airport because of a powerful storm moving through the east coast this have canceled hundreds of flights because of the storm. in the bay area dozens of flights were grounded. the. >>> the da's office is investigating a deadly early morning shooting in walnut creak. we are at the scene where the incident happened. >> reporter: this is still a very active investigation, you can see a lot of crime scene tape. we can tell you that we have learned that multiple officers were involved in that shooting. it started a 911 call. >> we received a 911 call at 3:13, there was screaming on the line, officers were dispatched, and arrived with in minutes. we received a radio transmission at 3:19 that shots had been fired. >> reporter: at this point police aren't releasing the suspect's name. there is no word on why the officer or officers involved fired or if the suspect had a weapon. there were mul
.s. consumer confidence has fallen this month driven down by fears of falling off the so-called fiscal cliff. the consumer confidence index fell to 65.1 this month down from 71.5 in november. that is the lowest level since august and outlook for the next six months has dropped to its lowest level since 2011. >> continuing to track gas prices across the bay area the average price for a gallon of regular gasoline remains at $3.60 an san francisco this morning. in the east bay the price it in oakland is $3.49 this morning. and in the south bay that average price in san jose is up 2¢ from yesterday at $3.50 a gallon. these prices compare to the state average of $3.52 here in california. >> toyota will pay more than $1 billion to compensate owners over a massive recall from unintended acceleration. millions of vehicles were recalled for faulty floor mats and other issues that coul cause sudden acceleration. alex a zolbert has more from tokyo. >> while the overall some may sound--analyst added that the automaker can handle this. >> it has been trying times ford toyota over the past few years. pro
that the house of representatives will reconvene sunday to have deal supposedly with the fiscal cliff. the dow jones industrials down by 150 points at one point recovered to lose just 18. the s&p 500 finished just two points lower. nasdaq down 4.25. congress department says sales of new homes went up almost 4.5% last month. that's the highest rate of growth in total sales in more than 2 1/2 years. that's it from cnbc, now back to "hardball." ♪ >>> if their competitor in '16 is going to be hillary clinton supported by bill clinton and presumably a still relatively popular president barack obama, trying to win that will be truly the super bowl, and the republican party as it is today is incapable of competing at that level. >> welcome back to "hardball." newt gingrich's reverence for hillary clinton is certainly a long way from the near contempt republicans held for her back in the '90s. even as a senator hillary clinton was close with some high-profeel republicans. she had friends up there. this archival l.a. times story's headline the secret friendship of hillary clinton and john mccain. but
regarding the fiscal cliff. that's something that's kicked down the road as they try to deal with the tax numbers. >> sounds like fun. thanks so much, peter and mike. and straight ahead this afternoon, the real cost of continued silence about the fiscal cliff from our leaders in washington. their failure to lead speaks volumes. but what does it really mean for your bottom line? straight talk from "fortune" magazine. that's next. [ male announcer ] it's that time of year again. time for citi price rewind. because your daughter really wants that pink castle thing. and you really don't want to pay more than you have to. only citi price rewind automatically searches for the lowest price. and if it finds one, you get refunded the difference. just use your citi card and register your purchase online. have a super sparkly day! ok. [ male announcer ] now all you need is a magic carriage. citi price rewind. start saving at citi.com/pricerewind. citi price rewind. with a new project in mind, some how-to knowledge to give us an new years clutter is no match for someone with big ideas. edge, and more
hawaii vacation short to deal with the fiscal cliff. >> really, it's kind of like falling down stairs. we have a dysfunctional congress. >> speaker boehner needs to bring his party along. >> it's pretty clear that he could not bring them along. >> john boehner doesn't seem to have full control of his caucus. >> they were this close. >> the republicans will be blamed. >> they were this close to a solution. >> we're going to head over that cliff. >> i know it's hard for the republicans. the minute those leaders move forward, they get viscerated. >> guns shouldn't be available for anyone, any time, anywhere. >> the conversation still wages on. >> its plan to add more guns to schools. >> a completely dumb-ass idea. >> i don't think the nra is listening. >> you can call it whatever you want to call it. >> congress hasn't confirmed the director of the bureau of alcohol, tobacco and firearms. >> dysfunctional, dysfunctional, dysfunctional congress. >> we're not going to allow what has happened in the past to go on. >> congress has just three business days to pass legislation to avoid going over
you. >>> the fiscal cliff and other issues seem to be dragging down holiday shopping. forecasters predicted a big jump but analysts say it could be the worst in four years. elaine quijano has more. >> good morning to you jeff and rebecca. according to early numbers shoppers were not in the holiday spending spirit and some of the reasons had nothing to do with the economy. holiday retail sales grew just 0.7% this year far short of expectations and down from 2% a year ago. >> whether it was hurricane sandy and the need to spend on the home whether it was the tragedy in connecticut and took away the feel-good factor it was a confluence of events that led to a should have been better holiday season. >> reporter: in the densely populated northeast, where more than a fifth of the country's retail sales take place, homeowners hit hard by hurricane sandy spent more money on repairs than on holiday gifts. also dragging down sales was uncertainty about the fiscal cliff, tax hikes and spending cuts set to take effect next year. if lawmakers don't reach a deal to avoid
concerns about the fiscal cliff. the president and congress return to d.c. retailers are doing a much better job of controlling inventory. muchstores don't have so merchandise left over that they need to clear out. netflix will introduce social features next year. a bill that would move restrictions on companies sharing customers rental histories. netflix customers can share which movies they watch an facebook. i'm a ellen braitman from bloomberg news. >> thank you so much. >> 37 degrees at the airport. keith mills will have sports coming up. >> don't forget to e-mail us your response to our water cooler question of the day. will you be more likely to visit a maryland casino now that some are open 24/7? you can share your response on wbaltv.com, on our facebook page, or send us an e-mail to watercooler@wbaltv.com. >> here is a look at last night's winning maryland lottery numbers. >> now insta-weather plus and traffic pulse 11 together. >> time to take a look at your morning commute. we are dealing with what roads -- wet roads. wind warnings are in effect at the bay bridge. 55 miles p
to pass at least a scaled down measure to avoid going over the fiscal cliff. now unless both sides can agree on anything close to $1 trillion in spending cuts and tax increases will go into effect beginning new year's day. from there megan some are projecting the country compound find itself in -- could find itself in another recession. >>> even starbucks is getting into the fight over the fiscal cliff. the coffee company's ceo wants the workers in the d.c. area stores to write come together on the coffee cups they serve today and tomorrow. he says it's the company's way of respectfully telling politicians they need to find common ground. >> the people would get in the room and leave their ego behind, and not be so skewed to the party but be so sensitive to the lens of the american people we will have an agreement. >> this is just a suggestion from the ceo. he says that baristas won't be forced to write anything but a customer's name on the cup. charlie with your nonfat triple skim extra hot latte -- you might have a little political message. >> they write megan on that coup. i ordered
over the fiscal cliff, texas will go up. going up for every income level across the board. but down the road, is that the only way we get our fiscal house back in order? >> we're back down to the law, this is only a fe if you shouldy for massive government is unfair to those few. there is no guarantee wealthy people will keep their money in thison country so if we're going to have a bloated government, everybody should feel the pinch. that is the half that will find out exactly what government costs if we go over this cliff. eric: it seems that is where we are headed.k about a half a minute or so. no, >> how can he fix the fiscal cliff. saying i'll even give up texas. eric: fair and balanced: the mimetic horsemen joining me now. you are very icy on the way in u here. said you and i are going to get together on the house of the floor and come up with a deal. no fiscal cliff. >> we have to work it out. we are hopeful we can get that done.sa eric: speaker john boehner came up with $800 billion, saying it is all mine. that doesn't seem like a fair negotiation. w >> the problem is that
, a grand bargain on avoiding the fiscal cliff. look at the s & p, we did have melissa mentioning this earlier, down three days in a role one strategist pointing out technically looks vulnerable, the 15-day moving average above the 200 day. if it breaks below that, we could see selling pressure heading to the end of the year. the vix which popped up earlier, this is a measure of fear on wall street. i bring this up, while we are at the highest levels in six months on the vix, well below half of where we were back in august of 2011, the debt crisis. that kind of suggests again a complacency in the market as we approach the fiscal cliff. one area you are seeing, i guess concerns about this is in the u.s. dollar, approaching an eighth month low against the euro in yesterday's trade. again, concerns about the u.s. going over the cliff putting pressure on the dollar. as you can see, the dollar is extending those gain us in today's trade. speaking of the eurozone, finishing out a -- what has been a very volatile year, these indices are either at or very close to 52-week highs, the germa
to take down the verbal warfare and cut a deal sparing the fallout of the fiscal cliff. gerri: can we get anything with any meaning before the end of the year? >> not get your hopes up on a big deal on the debt. not too many tax increases, some will be in there. avoiding the sequester, the spending cuts, that is the best thing that could happen at this point and i'm pretty optimistic person, i get up every morning thinking good things will happen but this is causing me to drink every night so i did not know if i will get there or not. gerri: you glass half-full kind of guy. i hope your champagne glasses more than half full on new year's. have a good one. while the chances of lawmakers reaching a deal seemed to be slim to none, you'll be glad to know some state lawmakers will% be warned though much more productive. here are some of our favorites. let's start with illinois. starting in 2013 and new law gives motorcyclists be okay to run red lights. leave it or not. after complaints from cyclist who say light sensors don't see the cycles. and the okay for computer-driven cars on public roads
down dramatically. experts blamed several factors including worries fiscal cliff. the bad weather definitely played a role as well. especially super storm sandy, whatever the cause, bad holiday numbers mean bad news in general for the economy. overall many retailers make almost half their sales for the year during the month of november and december. gerri willis from the fox business network now to break it down for us. retailers slash prices. they threw all sorts of deals out there. >> 30%, 40%, 50%, almost 75% at some retail stores. falling consumer confidence. people worried about what their taxes are going to look like next year we don't know because of the fiscal cliff. as a result we didn't get the sales we expected. today retail stocks fell dramatically taking the entire market with it. >> harris: we had a lot of tough news stories between october and the end of the year. you know black friday has usually been kind of a bellwether. it usually tells us how things were going to go and it went well this year. what happened? >> people had high expectations as you mentionedover
to the fiscal cliff. we'll be talking a lot about that today, including the health of former president george h.w. bush. >> candy crowley, we'll see you at the top of the hour. appreciate it. it's the end of one of the most popular comic books of all time. the amazing spider man has hit the shelves but some p controversial events have caused the comic to be in a frenzy. [ male announcer ] it's that time of year again. time for citi price rewind. because your daughter really wants that pink castle thing. and you really don't want to pay more than you have to. only citi price rewind automatically searches for the lowest price. and if it finds one, you get refunded the difference. just use your citi card and register your purchase online. have a super sparkly day! ok. [ male announcer ] now all you need is a magic carriage. citi price rewind. start saving at citi.com/pricerewind. >>> this is some of the most incredible video that we've seen in a long time. all right? if you're not looking at the video, this is new surveillance video out of china. it's the moment that an enormous shark tank just ex
reid's remarks as they happen. >>> as the clock ticks down toward the fiscal cliff, washington has a new worry the debt ceiling, treasury secretary tim geithner says the united states will hit its legal borrowing limit on monday. alison kosik is in new york. i feel like it's groundhog day. >> i know it really is. what's old is new again, right, carol? let me kind of back up the bus here. we start talking about the debt ceiling and i know people's eyes glaze over. let me tell you exactly what the debt ceiling is. it's a cap set by congress of the amount of money the federal government can borrow. right now the ceiling is at $16.394 trillion and treasury secretary tim geithner said earlier this week we could hit that debt ceiling on monday, on new year's eve and the treasury will soon start using what it says are extraordinary measures to keep the government from going over the limit so just to give you an example if you're a government worker, that can mean that investments that go into your pension could be suspended, but that won't even buy much time. the next question is, what co
on everyone immediately. if washington can't come to a deal on the fiscal cliff. >> you have less money in a difficult economy with little clarity. >> the economy will go down sharply. >> look at the number from the tax policy center. this is the average tax hit the families take on top of what they pay on taxes. those make between $40,000 and $50,000 pay extra $1700. >> if you manage to make over $200,000, it will be a big jump up. you will need to send a check to uncle sam for $14,000 initial dollars. $500,000 to $1 million pays $34,000 more. they want $215,000 on top of what you pay in taxes. >> the wealth manager says the money you have left as far as businesses also deal with their own tax hikes. >> you are going to see less money in your paycheck. >> the government has to bite the bullet with $1.2 trillion in spending cuts. more than half of that is to the defense budget. >> they say families may need austerity calculation before making big purchases. look at the money you have and the money you need in the future to decide if you need the next big picture. doug? >> doug: thank yo
down. did they not see this coming? were they too optimistic? > > i think the fiscal cliff made a much bigger difference than people realize. if the average consumer is looking at somewhere between a $500 and $2500 increase in taxes next year, it is going to change their behavior, just like it changed company behaviors when you saw them accelerate their dividends. so, when the government goes and changes behavior, it is going to affect things like retail sales. > quickly mark, the oil market. how is it being affected? > > we saw a kind of terrorist thing go on in the united arab emirates, and that is what drove up oil today. however, i think that's a short-lived rally. with oil above $90, i think it is a short here. you have fewer people driving, fewer people spending. that is bad for oil. > very good. mark sebastian of option pit. thanks very much. thank you. paul eggers joins us in the studio today. paul? thanks chuck. good to be here. meantime in washington, though tax rates on the really rich may be getting all the attention, if there is no fix to an obscure corner of the tax code,
of deadlock in washington. it seems many investors see the fiscal cliff as a slope that will only gradually impact the economy. but washington analysts believe investors may be underestimating the prospect 2013 will roil the economy with a series of fights over taxes, government shut downs and debt limit increases. >> i actually had one hedge fund manager say to me, "oh, they'd never allow to go over the cliff, because they, they being members of congress, would be embarrassed by this. and i don't think wall street understands what it actually takes to embarrass a member of congress on these kinds of issues. >> reporter: if an agreement isn't reached by january 3, the new congress will have to deal with the problem, potentially delaying action even further. darren gersh, "n.b.r.," washington. >> susie: our guest tonight is bullish for 2013. he's wayne kaufman, chief market analyst at john thomas financial. >> so, wayne, give us your bullish case. make the case for us for why you see the dow and the sep up by as much as 12% in 2013. >> well, i do think there's a very good chance that the maj
in the next four days. as we speed toward the fiscal cliff, that is the last thing businesses nationwide need to threaten their bottom lines. here to explain what is at stake, jonathan gold, vice president of the national retail federation. thanks for joining us. last time we faced something like this, 2002, it took six months for u.s. economy to recover. the ports on the west coast were only closed for 10 is that accurate? >> adam, thanks very much for having me on. yes, the last time we had coast wide shut down was 2002. there was 10-day lockout. took six months to recover from. most economists say that lockout cost the u.s. economy about a billion dollars a day. adam: the number is anywhere 14 to 15,000 longshoremen essentially from portland, maine, down to houston. what does that mean to the u.s. economy? seems we're talking about far more ports than we were in 2002? >> correct, it could be a fairly significant hit on the u.s. economy. everybody who relies on ports, importers, exporters, manufacturers,armers, agricultural exporters, trucking companies, all these industries rely on ports t
. >> five days left to avoid the fiscal cliff. >> we are taking a live picture of the west side. have a good night. here you go. you, too. i'm going to dream about that steak. i'm going to dream about that tiramisu. what a night, huh? but, um, can the test drive be over now? head back to the dealership? [ male announcer ] it's practically yours. but we still need your signature. volkswagen sign then drive is back. and it's never been easier to get a passat. that's the power of german engineering. get $0 down, $0 due at signing, $0 deposit, and $0 first month's payment on any new volkswagen. visit vwdealer.com today. want to start the day with something heart healthy and delicious? you're a talking bee... honey t cheerios has whole grain oats that can help lower cholesterol. and it tastes good? sure does! right... ♪ wow. delicious, right? yeah. it's the honey, it makes it taste so... ♪ well, would you look at the time... what's the rush? be happy. be healthy. [captioning made possible by constellation energy group] captioned by the national captioning institute --www.ncicap.org-- >> you'r
optimistic that our leaders will reach some kind of a deal to avoid a fiscal cliff. take a look at this new gal lup poll. it find half of americans believe lawmakers will come to some agreement. that is down from 58% from just a few weeks ago. amos snead, former press secretary for former house republican whip, ray blount. doug furnell former communications director for congressman chris van hollen. they will give a fair and balanced debate today. doug, john boehner said look, we tried to get something. we got part of a deal out of the house of representatives. it is now up to the democratically led senate and democratic president to come up with some kind of plan we all can vote on. how do you respond to that. >> i mean i think that is kind of ridiculous. everyone knows if the president made a deal with harry reid it wouldn't go anywhere in the house. john boehner couldn't even pass his plan in the house. that was something that was worked up by him and eric cantor and others. so the real test here and i think challenge the president and john boehner sitting down again over the next three
; the impact of austerity in greece; the tea party and the fiscal cliff and the administration's environmental record. but first, the other news of the day. here's kwame holman. >> holman: wall street was down much of the day, but trimmed its losses after news that the house will convene sunday to focus on the fiscal cliff. in the end, the dow jones industrial average shed 18 points to close at 13,096. the nasdaq fell four points to close under 2,986. also today, the labor department reported the number of new claims for unemployment benefits fell this week to the lowest level since march of 2008. president obama is urging dockworkers and shippers to avoid a crippling strike at atlantic and gulf coast ports. it would be the first since 1977. the workers' union contract expires this weekend, and a white house spokesman said today the two sides need to agree on a contract extension as soon as possible. talks broke down last week in a dispute over wages and royalties. the christmas season storm that blasted the south and midwest swept across the upper northeast and new england today and the death
reacted to the fiscal cliff but seems today it really sort of kicked in. did the market get it wrong up to this point? >> the fear is we may have got it wrong. market as i've been saying for a while believes in fact we will have a resolution so we will not go over the cliff. the recent commentary maybe has been there will be a patch so we'll get it done by early january. the comments by mr. reid today. the ball was thrown into his court by mr. boehner who failed with his party, the expectation was mr. reid would have something positive to say the tape sent a clear message to washington, you got it wrong and if you continue to do this. ashley: daniel, what struck you about today's session? >> it is all the nonsense in washington pushing around as your previous guest said. you can't make a decision. what is interesting this the third crisis we've had in our government over the past three years. we push, push it, push it to the brink and come up with something. i'm not sure we'll come up with something now. there is let more flexing. congress meeting on monday is a help thulful thing. if t
president obama and the first lady, assuming we've all heard plenty about the fiscal cliff, walters wasted little time pivoting to more intimate territory. >> when you look at this picture, what do you think? at what point was it taken? >> i think we were campaigning in iowa. >> so, why were you hugging so hard in iowa? >> because i love my wife. >> well, and also, i hadn't seen him in a while. i mean, you know, when you're campaigning, we're two ships passing in the night, and the first time i saw him was when i walked on stage to greet him, and that's my honey giving me a hug. >> giving you hugs. >> how do you keep the fire going? >> that's a good question. >> you know, we've been married now 20 years. >> mm-hmm. >> and like every marriage, i think you have your ups and you have your downs, but if you work through the tough times, the respect and love that you feel deepens. >> and then there's a lot of laughter, you know? >> and you're funnier. >> yeah, yeah. >> everybody thinks she's pretty funny. i'm funnier than people think. >> yeah, you are. >> that may be. you may be funnier than p
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